Gaw Capital Partners, a real estate-focused private equity firm, led the first closure of the series C investment round for Singapore’s 99 Group, which raised $37 million in USD.
In the upcoming months, the online property platform plans to raise an additional $15 million for the round, which has already been pledged. By the time the acquisition is made, 99 Group will have raised more than US $80 million in total capital.
The 99 Group, which Darius Cheung founded in 2014, presently runs four real estate sites in Singapore and Indonesia: 99.co, Rumah123, iProperty, and SRX. According to the business, monthly traffic and revenues increased by 8x and 4x, respectively, between the first quarter of 2019 and Q1 of this year.
99 Group stated in a statement that it presently holds a 70% market share in Indonesia. After the business bought UrbanIndo in 2018 and took over the management of Rumah123 from REA Group in 2019, it achieved that amount.
With the additional capital, 99 Group intends to grow into new markets in Southeast Asia and keep funding R&D.
Cheung asserts that now is the ideal moment to seek cash since 99 Group has already established its position as a leader and is poised to grow.
